Kaisa Group Holdings Ltd -- Moody's assigns B1 to Kaisa's notes; outlook revised to stable (Simplified Chinese translation)
/nwsys/www/images/PBC_148773 ??? ????? – ??? ????? Moody's Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??? ????? – ???? ????? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??????: Moody’s Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??? ????????? 1 ??????????? B1 ??;?????? ? (?????????????????,???????) ??, 2013 ? 1 ? 2 ?—????????????????????? ?? B1 ???????????????????????????? ????,???????? B1 ??,?????????????? B1 ?????????? ???????????????????? ???? ???????????????:“?????,???????? 12 ??????????????????,????????????? ???????????” 2012 ?,????????????? 173 ??,?????? 165 ?? ? 2012 ??????????,????????? 13%,?????? ????? 18%? ????????????,?????????????,????? ?????????,???????????????,????? 2013 ????????,????? 12 ?????????????? ???????????????????????????????, ???? EBITDA ????? 12 ???? 25-30%? ?????????,?????????????? 1.2 ?????? 13.5%??????????? 20 ????????????????? 2014 ???? ????????? 2 ??????????????????:“???????????? ??????????????,?????????????????, ????????? B1 ?????” ?? 12-18 ??,????????????(???????????) ??? 50%-55%,?????????? 2.5 ?-3 ?????????? ??????? B1 ??????? ???????????????????????????? 2014 ?? ???? 43 ????????,? 2015 ?????? 41 ??????? ????????????????,? 2014 ??????????? ???? B1 ??????????????????????????? ???????????????????????????(???? ?)??????????????,??????????????? ?????? ????,???????????????,??????????? ???????? ????????,????????????: (1)????????? ????????????; (2)?????????????????; (3)????????,?? EBITDA ???? 20%-25%??;(4)???? ???,??????? /?????? 55%,EBITDA/?????? 2.5 ? -3 ???;?(5)??????,???????????? 5%??? ????????????????????????????????, ??????????? ??,??????????,?????????: (1)??????? ?????; (2)??????;(3)???????? 3.5 ???,??? ??? 50%-55%??;??(4)????????,?????????? ???? 10%??? ????????????????? 2009 ? 3 ????«?????? ??????»( Global Homebuilding Industry)????????,?? ? www.moodys.com ??????? ????????? 3 ???????????? 1999 ?????????????,? 2009 ? 12 ???????????? 2012 ? 6 ?,???? 62.4%???? ????????????? 2012 ? 6 ?,????????????? ?????????????????????? 2,390 ???????? ?? ???? ???????????????????????????????, ???????????(??: One Canada Square, Canary Wharf, London E 14 5FA, UK)???????????? Regulation (EC) No 1060/2009 ? 3 ?? 4 ?????? ?????????????????????? ???????????,??? www.moodys.com? ??????????????????????,????????? ????????????????????(?????????,? ???????????)???????????????????? ???????,???????????????????????? ??,????????????????????????????? ????????,???????????????????????, ??????????????????????,????????, ???????????????????????????????? ???? www.moodys.com ???/?????????? ????????????????????,??????????? ???? ????????????????????:??????????? ???????????????????? ???????????????????????????????? ????????? ???????????,???????????????????? ????,?????????????,??(???)?????? ????????????,??????????????????? ????????????? ?????????????,??? www.moodys.com ??????? ????????? 4 (A) ?? MCO ?????( 5% ??)???,?(B) ?? MCO ???? ????????????????????,?? (C) ?? MIS ???? ???????????????? MCO ?? 5% ??????????, ??? www.moodys.com ?????????????????????? ????( Moody’s Corporation)?????????,???????? ???????? ???????????????????????????,??? www.moodys.com ?????????????????? ???????????????,??? www.moodys.com ????/? ?????????? ???????????????????????????????? ??????,???????????,????????????? ???????????????????????????????? ?? www.moodys.com ??????? ??????????????????????????????,? ?? www.moodys.com? Moody’s Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 -?- ????????? 5 © 2012,?????????(Moody’s Investors Service, Inc.)?/??????????,?????“??” ( MOODY’S)?????,????? ????????? (“MIS”)???????????????????????????????????? ???????????,??????????????( “?????”)??????????????? ????????????????????????????????????????????????? ?????,?????????????????????????????????,??????:?? ????????????????????????????????????????????????? ???????????????????????,????????????????????????? ????????,???????????????????????????????????????? ????????????????,???????????????????????????????? ???????? ???????????? (?????????)??,??????????,????????????? ??????????????????????????????????????????????,?? ????????????????????????????????????????????????? ????????????????,?????? “???”???,?????????????????? ????,????????????????????????,?????????????,??(?? ?)??????????????????,???????????????????????????? ????????????,??( a)??????????????????????????????? ???????(???????)??????????(?????????????????????? ????????)???????????????????????,?( b)???????????? ??????????????(???????????),??????????,?????????? ??????????????????,?????????????????????????????? ??????????????????????(???)??????????????,??????? ????????????????????????????????????????????????? ????????????????????????????????????????????????? ?????????????????????????? ?? (????(MCO)?????????????)????,????????????(???????? ?????????????)?????????????????,????????????????? ?????????,?????? $1,500 ??? $2,500,000 ???????(MCO)???(MIS) ?????? ??,??? MIS ????????????MCO ??????????????? MIS ????????? ????????????? MCO ?? 5% ???????????????????,????????? ?????? www.moodys.com“???? — ???? — ?????????” ?????? ?????????????????????? Moody’s Investors Service Pty Limited ABN 61 003 399 657 ??, ???????????????,??? 336969????????? 2001 (Corporations Act 2001)? 761G ?? ?????????????????????????,?????????,???? ”????”,??? ?? ”????”????????,???????????????????? 2001 (Corporations Act 2001)? 761G ?????”????” ?????????? ???????, Moody’s Japan K.K.(“MJKK”)? 2010 ? 10 ? 1 ????????????? MJKK ????? ????????????????????????????????,??? “??”(MIS)?????“MJKK” ??? MJKK ? Moody's Group Japan G.K.??????????????,? Moody's Group Japan G.K.?????? (MCO)???????? Moody’s Overseas Holdings Inc.????? ??????????????????????????,?????????????????????? ???????????????????????????????,????????????,???? ????????????? ]]>
